The Mortgage Free in Three - Take 2 challenge (MFiT-T2)

Alion

Hi all, I thought I'd share where we are with you. We are moving to a bigger home in 11 days and this weekend we totted up all our money and our mortgage and the savings are greater than the debts!

We won't be putting any of it into the mortgage until we've done the renovations and some of it will stay where it is in ISAs etc but I'm really amazed that we've done this.

We're mortgage neutral before 30 and in less than 6 years in our first home!

Thank you all for the support, even though we're about to take on a lot more, this is an amazing feeling!

chirpchirp

Hey FB, Just to surprise you and keep you on your toes, number 42 has updated for September.

taka

Hi! Sorry I didn't manage to update in September.

According to my spreadsheet I will now come in at 22p short of my MFiT-2 target by the end date. Serves me right for not sending my OP when I calculated I'd send it for the last couple of months! :rotfl:

I'll wait until my December payment and OP have gone out to make sure my spreadsheet is remotely accurate then have a rummage down the back of my sofa to find the missing pennies!

Congratulations to everyone who has become MF since I was last around here! :T Well done everyone who is still plugging away at it too!:D

Trying_to_be_good

How's everyone doing in the build-up to the end of the challenge (and the start of the next one?

I'm doing a little bit of spending at the moment. Still awaiting the final sorting out of snagging from building works earlier in the year, so not paying the retention bill until all that's complete, but I've splashed out on a VERY special dress for the Christmas do and have replaced the failing Dyson with a Gtech Airram £230 vacuum - it's better be flippin' brilliant!

It's the final few days - so is everyone else pushing every penny towards the mortgage, or splurging a bit like me?

black_taxi_2

Yeah this time of year overpayments are difficult--as long as your not taking on more debt a £0 overpayment will be fine.


I find it march before I can re-energise full o/p again

tiddles

Due to the maturity of an endowment, we now have enough money to completely clear our mortgage! We'll be leaving the money in ISAs and savings accounts for the time being, as we are paying a very low interest rate on our tracker mortgage.

Thank you all for your support, and particularly FB and Maz123, as if I hadn't joined this challenge I would have continued in my spendthrift ways!

Good luck with your moneysaving everyone!:j:j:)

Trying_to_be_good

Woohoo - another success for the challenge! Congratulations, tiddles.

Back in my world, I@m still plugging away in the the 'it's a marathon, not a sprint' mortgage-free journey, with payday tomorrow and knowing my spreadsheet is pretty darn accurate, so am declaring my balance, less the offset savings as £160k - a real reduction of an astounding £120k-plus since the challenge started (we took out our mortgage in Sep 09 so had an extra couple of months before the challenge started, plus my ISA savings weren't counted then). How's everyone else?

And the GTech AirRam is FANTASTIC.

RosieTiger

Well haven;t we all been MIA on here for some time !!!

But great to see another one over the line

Our final figure for the challenge will be £11,200, which represents a £106,000 reduction in 3 years, so not really too upset that we did not manage to make it over the line ourselves for December.

So thats our final figure on this challenge, just sent update via Google Docs.

Thanks to everyone for the support and encouragement during this challenge - we are looking to be one of the early finishers in the MFi3T3 challenge so looking forward to seeing you all on that thread.

black_taxi_2

nice 1 rosie

i wont be an early MF on MFi3T3 challenge but i will be MF

dec 09 seems along way ago

black_taxi_2

final post 2012 thread

reduced mortgage £441 dec

2009 £48515
2012 £21000

weird how it seemed slow first 14 months---now its ended it seems fast

well done to all those who cleared an reduced mortgage

thx again FB